Crypto News: Bitcoin reverts to volatility as OPEC+ oil cuts combine with serious resistance


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Bitcoin reverts to volatility as OPEC+ oil cuts combine with serious resistance

"You can't control interest rates but you can promote bitcoin adoption. Bringing in new participants does much more to increase network value than stacking sats for yourself."

— Timothy Peterson

Welcome to the Cointelegraph Markets weekly newsletter, where we look at the influential factors behind Bitcoin price action for the days ahead.

In a surprise bout of volatility this weekend, Bitcoin dipped to $27,600 on news that oil production cuts were coming from OPEC+.

As analysts grapple with the potential knock-on impact on inflation, BTC price action is decidedly more lively going into the new week.

Bulls face a challenge — above lies significant historical resistance, while under the hood, new records in hash rate and mining difficulty keep coming.

Can they shake off macro triggers to beat out ask liquidity? The coming week may set the stage for the battle for $30,000.

Cointelegraph takes a look at these issues as part of five key topics for traders and other market participants to bear in mind when it comes to BTC price action.

Continue reading to discover them.

Oil cut deals slick downside for crypto

A snap oil production cut by OPEC+ countries this weekend put the wind up crypto into the weekly close.

While Bitcoin is already bouncing back, longer-term concerns now focus on the move's impact on inflation.

Market expectations for the Fed's interest rate policy now favor a further increase in May.

Bitcoin bulls face major resistance

It didn't take long for BTC price action to shake off the OPEC+ news, and $28,000 is back prior to the April 3 Wall Street open.

Can bulls maintain the upper hand? Analysts are concerned over a potential double top forming for Bitcoin.

The ability to break through historical resistance below $30,000 will be key.

New records for fundamentals

Bitcoin network fundamentals are still at it — and are due fresh all-time highs this week.

Hash rate and difficulty are higher than ever, reflecting the positive impact of price rises on the Bitcoin mining sector.

Miners themselves are again attempting to retain some of the BTC they receive, data shows.

14% of the BTC supply asleep for a decade

Another long-term trend firmly intact this year is the decreasing availability of the BTC supply.

Almost 14% of the mined supply has stayed dormant in its wallet since 2013, the latest data confirms.

Exchanges are nonetheless seeing a break from BTC removals this year.

Hodlers retain the greed

Feeling greedy? You're not alone — the crypto market sentiment is still at levels rarely seen since Bitcoin's all-time highs of November 2021.

Currently, the Crypto Fear & Greed Index measures 63/100 and indicates that the average trader is "too euphoric," analysis warns.

Compared to its extreme levels, however, there is still some room for maneuvering.

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